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EVERLIGHT ELECTRONICS sees a downgrade to Slightly Negative on account...
The independent financial analyst theScreener just lowered the general evaluation of EVERLIGHT ELECTRONICS (TW), active in the Semiconductors industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 1, 2022, the closing price was TWD 4...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Cheap valuation with emerging new growth opportunities
​Everlight is trading at a trough P/B of 1.2x but with 11% ROE and 6% cash yield. In 2012, it traded at a P/B of 1.1x but with only 4% ROE. We believe potential rush orders into 2H16 (as ASP started to show stabilization) and its increasing presence in infrared (IR) & automotive LED are the key catalysts to watch. Our TP is still based on 1.4x 2016F BVPS, which is at a steep 35% discount vs. its 2009-14 avg. P/B, despite the ROE being the same at 11% (see valuation section for details). On P/E...
Trading at trough P/B but ROE is well above trough
Everlight is trading at a trough P/B of 1.1x but with an 11% ROE and 7% cash yield. Back in 2012, it also traded at 1.1x P/B but with only a 4% ROE. Amid weak market sentiment, we believe share price risk is clearly to the upside from here (on P/E it is trading at only 10x 2016F EPS). Our revised BUY TP of NT$60 is now based on 1.4x (previously 1.6x) 2016F BVPS mainly to reflect a lower index level /market risk appetite (see valuation section for details).​
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